LONDON: Copper prices declined slightly on Tuesday as market participants remained cautious amid ongoing trade negotiations between the US and China, along with discussions on US-imposed copper tariffs.
Three-month copper on the London Metal Exchange dropped 0.17% to $9,776.5 per metric ton, while Shanghai Futures Exchange copper contracts dipped 0.08% to 78,920 yuan ($10,994.25) per ton.
“The softening in copper prices reflects similar declines in other Chinese futures and is likely to be short-lived, as traders are cautious and closely watching U.S.-China trade talks and developments in U.S. copper import tariffs,“ said a Shanghai-based futures analyst.
US and Chinese officials held extended talks in Stockholm on Monday, aiming to resolve trade disputes and extend a temporary truce.
Meanwhile, Chile, the world’s largest copper producer, expects discussions on US tariffs to take place during broader trade negotiations in Washington this week.
Other metals on the LME showed mixed movements, with aluminium, nickel, and zinc slipping, while lead and tin saw minor gains.
On the SHFE, nickel and tin declined, while lead inched up slightly. - Reuters
